Following a significant cryptocurrency scam, wherein 1,155 Wrapped Bitcoin (WBTC) valued at $70.5 million was stolen, the perpetrator has begun returning the pilfered assets. Blockchain security firm Peckshield revealed that approximately half of the looted sum, equivalent to 11,446.87 ETH valued at $34.7 million, has been reimbursed to the victim's address.

The saga unfolded on May 3 when an anonymous trader fell prey to an address-poisoning phishing scheme, resulting in the loss of WBTC. Swiftly, the scammer converted the funds into 22,956 ETH and dispersed them across multiple wallets to obfuscate their trail. In a bid to retrieve the assets, the victim proposed a 10% bounty for the return of 90% of the stolen funds, emphasizing the impracticality of laundering the money.

Communication between the scammer and the victim ensued via on-chain messages, culminating in the recent repayment of 51 ETH, valued at over $150,000, to the victim on May 9. Furthermore, the scammer requested the victim's Telegram username for continued correspondence. Notably, blockchain security firm Slow Mist hinted at potential connections between the attacker and phishing activities targeting the Tron and Ethereum blockchains, with several IPs traced back to mobile stations in Hong Kong.

Coinbase's "Stand for Crypto" Initiative Launches Political Action Committee (PAC) to Advocate for Cryptocurrency

Coinbase's philanthropic endeavor, "Stand for Crypto," has unveiled a Political Action Committee (PAC) aimed at influencing cryptocurrency regulations during the upcoming 2024 electoral cycle.

Announced via social media by Stand With Crypto on May 10, the PAC seeks to mobilize its sizable base of approximately 450,000 members to financially support candidates for the US Senate and House who champion progressive digital asset policies.

With the impending election just six months away, the involvement of PACs, particularly in closely contested races, carries significant potential influence. According to Federal Election Commission regulations, individuals can contribute up to $5,000 to PACs like Stand With Crypto, potentially amassing up to $2.2 billion in support funds. Conversely, Super PACs can receive unrestricted funding from corporations, a category from which Coinbase has already contributed millions to bolster related initiatives.

The establishment of the PAC represents an extension of Coinbase's Stand With Crypto initiative launched in 2023, which has raised over $86 million in donations for various pro-crypto causes. While the exact allocation of these funds to the PAC remains unspecified, the group's chief strategist, Nick Carr, underscores the organization's dedication to endorsing candidates who advocate for crypto rights.

Stand With Crypto's advocacy endeavors have already left a mark on the political landscape. Prior to Donald Trump's confirmation as the Republican presidential nominee, who has publicly embraced a pro-crypto stance, the group orchestrated a forum attended by US presidential candidates. It actively lobbies for congressional backing of cryptocurrency-friendly legislation, rating candidates based on their crypto policy positions on a scale from A to F.

The influence of PACs in elections is evident in the fiercely contested race for the Massachusetts Senate seat currently held by Democrat Elizabeth Warren, known for her critical stance towards the crypto industry. Warren faces opposition from Republican John Deaton, a crypto user advocacy attorney who openly challenges Warren's views.

As the United States approaches its general elections, with control of Congress and the presidency at stake, PACs focusing on crypto issues are emerging as significant players. Groups like Fairshake and its affiliates have amassed substantial funds exceeding $100 million to bolster candidates supportive of digital asset-friendly policies.